Insurance Business Regulation and Supervision DivisionPosted on 28.06.2023
‘Insurance Business Law’ was enacted in 1996 and ‘Insurance Business Rules’ was promulgated in the following year, 1997. Before 2013, only State-Owned Myanma Insurance was allowed to operate in Myanmar Insurance Market.
According to the ‘Insurance Business Law’ and ‘Insurance Business Rules’, to facilitate the flow of citizen investment and the insurance sector development, the 11 Citizen-Owned companies were allowed to operate insurance business in May 2013. The Myanmar Insurance Association was organized on 17th November, 2017 in order to improve the people’s awareness of insurance.
The Insurance Business Regulatory Board (IBRB) was reconstituted on 9th March, 2021 and the regular meetings of IBRB have been held exactly 31 times as of March 2023.
Moreover, to further accelerate the process of allowing more private sector access to the insurance market and attract more foreign investment, the Insurance Sector Liberalization Plan and Roadmap were drawn up and the insurance industry in Myanmar was the introduction of a great change.
In accordance with the Roadmap, (5) 100% subsidiary foreign life insurers, (3) JV life insurers, (3) JV non-life insurers were allowed to operate insurance business on 28th November, 2019 and again one life insurer and one non-life insurer were allowed to operate insurance business on 13rd January, 2023. Therefore, until March 2023, there are 27 insurance companies including Myanma Insurance in the Myanmar insurance market. In addition,(40) insurance products were allowed to be transacted for the purpose of providing the insurance policyholders with a wide range of innovative products. (33) representative offices and (4) Adjuster & Surveyors companies were allowed.
For the balanced development of the Insurance sector, in cooperation with the Myanmar insurance association to carry out activities in accordance with the curriculum to promote the capacity of insurance agents, (8834) insurance agents were granted licences and (32) corporate agents, (22) insurance agents training centers and (1) insurance agents examination center were allowed to open.
For the purpose of insurance business development in Myanmar, the MoU of Designing an Academic and Professional Building Programme for Insurance Industry of Myanmar between Insurance Institute of India (III) and the Financial Regulatory Department was signed on 19th October, 2016.
In addition, the Memorandum of Understanding (MoU) was singed on 30 January 2018 between the Office of Insurance Commission of Thailand (OIC) and the Financial
Regulatory Department to provide technical assistance, sharing and exchange of information.
In order to regulate the Myanmar Insurance market having the changes opportunities and to be more interested from International, the OECD Insurance Roundtable discussion had been held in Naypyidaw from 4 - 3 - 2019 to 5-3-2019 as the host. According to international standard, as the ASEAN insurance regulators, between the ASEAN membership countries to strengthen the insurance market, the 22nd ASEAN Insurance Regulators’ Meeting and 45th ASEAN Insurance Council Meeting and other related meetings were held as the host country from 25-11-2019 to 29-11-2019 in Myanmar.
File Attachment :
အသေးစားငွေရေးကြေးရေးအဖွဲ့အစည်း (၈) ဖွဲ့နှင့် အာမခံကုမ္ပဏီ (၃) ခု၊ စုစုပေါင်း (၁၁) ဖွဲ့တို့အား AML/CFT ဆိုင်ရာ ကွင်းဆင်းစစ်ဆေး (On-Site Inspection) ဆောင်ရွက်ခြင်း